A marketing strategy serves as the base of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy of Indian Garment Industry.
Marketing strategies of garments industry of india
Marketing StrategieS of garMentS induStry of indiaThe readymade garments industry has been chosen for various reasons. Firstly it plays animportant role for it’s directly concerned to one of the basic needs of every citizen. The garmentsindustry operates in a highly complex environment. Indian garments industries has been creatingin a rapidly changing environment particularly since mid-seventies. It is therefore important toexamine what the modern trend are being introduced by the companies in their marketingstrategies and cope with the changing environment because this is a fashion age and everyone isconcerned about the new fashion and wants the new test specially the young generation. Secondreason to choose the readymade garments industry is that the contribution of the garments sectorin the sphere of production, earning of foreign exchange and investment in the Indian economyhas been quite significant. Third, the functional performance of majority of the garments sectorthat is in the private sector deserves a significant consideration. The profitability trends, workingof garment units’ dependence of garments industries on imports are some of the areas whichhave also been touched upon and lastly the leadership role of garments sector in India as this isthe second employment providing sector after agriculture. The garments industry alone providesthe major employment to the Indian citizen as this sector is concerned to small scale industriessector.A marketing strategy serves as the base of a marketing plan. A marketing plan contains a list ofspecific actions required to successfully implement a specific marketing strategy. An example ofmarketing strategy is as follows: "Use a low cost product to attract consumers. Once ourorganization, via our low cost product, has established a relationship with consumers, ourorganization will sell additional, higher-margin products and services that enhance theconsumers interaction with the low-cost product or service." Without a sound marketingstrategy, a marketing plan has no foundation. Marketing strategies serve as the fundamentalfoundation of marketing plans designed to reach marketing objectives. It is important that theseobjectives have measurable results.Observing how people shop, when they shop and where they purchase from is crucial fordetermining future marketing strategies. In 2005, only half of the American populace shopped
online. By 2008, that number grew to 65 percent and continued to jump each subsequent year.This reality forced many retailers to expand their Internet presence by purchasing more onlineadvertising and not just advertising in fashion magazines. In addition, companies were forced toimprove or establish their e-stores to allow for convenient shopping. Companies increasinglypartner with member-only communities and other merchants to sell product.Marketing is the process of developing and communicating value to your prospects andcustomers. Think about every step you take to sell service and manage your customers: • Your knowledge of the market and your strategy to penetrate it • The distribution channels you use to connect with your customers • Your pricing strategy • The messages you deliver to your market • The look and feel of your marketing materials • The experience you deliver to your market and customers • The actions of your sales and service reps • All of the planning, preparation, forecasting and measurement of your investmentsFrom the diagram, the main components of a marketing plan can be summarized as:Component of the plan DescriptionMission statement A meaningful statement of the purpose and direction of the businessCorporate objectives The overall business objectives that shape the marketing planMarketing audit The way the information for marketing planning is organised. Assesses the situation of marketing in the business – the products, resources, distribution methods, market shares, competitors etcMarket analysis The markets the business is in (and targeting) – size , structure, growth etc
SWOT analysis An assessment of the firm’s current position, showing the strengths & weaknesses (internal factors) and opportunities and threats (external factors)Marketing objectives and What the marketing function wants to achieve (consistent withstrategies corporate objectives) and how it intends to do it (e.g. Ansoff, Porter)Marketing budget Usually a detailed budget for the next year and an outline budget for the next 2-3 yearsAction plan The detailed implementation plan OR
The Strategic Marketing Process organizes 29 marketing subjects into three categories: